September Retail Sales Outperform as Foot Traffic Remains Elevated
- Consumer spending sturdy last month. Unfazed by the end of federal unemployment benefits and other dissipating stimulus, core retail sales increased 0.7 percent in September and 13.5
percent from the same period last year. - Strong sales support retail properties. Consumer spending supported brick-and-mortar retailers through the worst of the health crisis.
- Variants have minimal impact on dining out. Receipts at eating and drinking places increased 29.5 percent year over year, the second-highest annual rise after gasoline stations.
Temporary Headwinds Mount
- Supply chain issues threaten holiday sales. As global trade reopens unevenly, the carefully orchestrated supply lines that existed prior to the pandemic are having trouble returning to
previous efficiency. - Vaccine mandates cloud short-term outlook. Over the past several weeks an assortment of vaccine requirements, ranging from public to private and local to federal, have been enacted across the country.
*Through September
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Placer.ai; U.S. Census Bureau